Concept explainers
a)
To graph: The feasible region and determine the optimal solution.
Introduction:
Linear programming:
It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.
Feasible region:
A feasible region is a solution space which contains all the possible points of an optimization problem. The region will be formed after satisfying the constraints in the problem which includes inequalities and integer constraints. It is the area that is bounded by the constraints of the problem.
b)
To determine: The total cost of the optimal solution.
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Operations Management
- The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon spawn during a 24-hour period and must be canned immediately. Tinkan has the following agreement with the salmon industry. The company can deliver as many cans as it chooses. Then the salmon are caught. For each can by which Tinkan falls short of the salmon industrys needs, the company pays the industry a 2 penalty. Cans cost Tinkan 1 to produce and are sold by Tinkan for 2 per can. If any cans are left over, they are returned to Tinkan and the company reimburses the industry 2 for each extra can. These extra cans are put in storage for next year. Each year a can is held in storage, a carrying cost equal to 20% of the cans production cost is incurred. It is well known that the number of salmon harvested during a year is strongly related to the number of salmon harvested the previous year. In fact, using past data, Tinkan estimates that the harvest size in year t, Ht (measured in the number of cans required), is related to the harvest size in the previous year, Ht1, by the equation Ht = Ht1et where et is normally distributed with mean 1.02 and standard deviation 0.10. Tinkan plans to use the following production strategy. For some value of x, it produces enough cans at the beginning of year t to bring its inventory up to x+Ht, where Ht is the predicted harvest size in year t. Then it delivers these cans to the salmon industry. For example, if it uses x = 100,000, the predicted harvest size is 500,000 cans, and 80,000 cans are already in inventory, then Tinkan produces and delivers 520,000 cans. Given that the harvest size for the previous year was 550,000 cans, use simulation to help Tinkan develop a production strategy that maximizes its expected profit over the next 20 years. Assume that the company begins year 1 with an initial inventory of 300,000 cans.arrow_forwardA manufacturing firm has four plants and wants to find the most efficient means of meeting the requirements of its four customers. The relevant information for the plants and customers, along with shipping costs in dollars per unit, are shown in the table below: Customer (requirement) Factory (capacity) Customer 1 (125) Customer 2 (150) Customer 3 (175) Customer 4 (75) A (100) $ 15 $ 10 $ 20 $ 17 B (75) $ 20 $ 12 $ 19 $ 20 C (100) $ 22 $ 20 $ 25 $ 14 D (250) $ 21 $ 15 $ 28 $ 12 How many supply nodes are present in this problem? Multiple Choice: 4 3 1 8 16arrow_forwardA manufacturing firm has four plants and wants to find the most efficient means of meeting the requirements of its four customers. The relevant information for the plants and customers, along with shipping costs in dollars per unit, are shown in the table below: Customer (requirement) Factory (capacity) Customer 1 (125) Customer 2 (150) Customer 3 (175) Customer 4 (75) A (100) $ 15 $ 10 $ 20 $ 17 B (75) $ 20 $ 12 $ 19 $ 20 C (100) $ 22 $ 20 $ 25 $ 14 D (250) $ 21 $ 15 $ 28 $ 12 Note: This question requires Solver.Formulate the problem in Solver and find the optimal solution. What is the optimal quantity to ship from Factory B to Customer 3? Multiple Choice 25 units 50 units 75 units 100 units 125 unitsarrow_forward
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- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,